Levo Chan Weng Lin has officially replaced Melinda Chan Mei Yi as Macau Legend Development’s CEO on December 29, a company filing at the Hong Kong Stock Exchange reveals.
‘Following the change in the chief executive officer of the Company, Mr. Chan will take care of the day-to-day management of the group’s business and implement the Group’s policies, strategic plans and business goals formulated by the Board,’ the company stated.
Melinda Chan will remain as Executive Director with Levo Chan – who is also the Executive Director of junket group Tak Chun – also holding positions as Executive Director and the co-chairman of the board in the gaming company.
Back in September Macau Legend Development had indicated in a statement sent to Macau News Agency that despite the recent shareholding changes, founder David Chow Kam Fai and Melinda Chan would maintain their management positions in the gaming services company, with the biggest change involving Melinda’s CEO position.
Melinda had held the company’s CEO position since March of this year after David Chow stepped down.
Macau Legend now noted that although Levo Chan is now both CEO and co-chairmen he will share management powers with founder, David Chow Kam Fai, who will also exercise his power and authorities as a co-chairman in managing the affairs of the board and the company.
The announcement comes as Levo Chan has gradually increased its hold of the local gaming company, having increased his personal stake at Macau Legend Development from 20.75 per cent to 33.19 per cent back in November.
However, the businessman had agreed to not acquire shares held by a group of key executives of the company, including David Chow, Chow’s spouse, Melinda Chan, fellow directors Sheldon Trainer and Li Chi Keung, and Chow’s mother and former director, Madam Lam Fong Ngo.
This group of shareholders– which is headed by Levo Chan – currently holds 79.88 per cent of Macau Legend, with David Chow and Melinda Chan holding 26.23 per cent together with their concert parties.
The recent announcement also revealed that the annual remuneration of David Chow as a non-executive Director and a co-chairman of the Board has been changed to HK$5 million from December 29 2020, with Chow’s previous salary reached as much as at HK$8.0 million per year.
Meanwhile, former CEO Melinda Chan is also entitled to a salary of HK$1,460,971 per year as the president of Macau Fisherman’s Wharf International Investment Limited, a subsidiary of the company, with her annual remuneration of Melinda Chan as an Executive Director changed to HK$720,000.
The recent company announcement also revealed that the CEO of Macau Jockey Club Li Chu Kwan has been appointed as an Executive Director of Macau Legend.
Liu was also a Macau representative at the 12th Chinese People’s Political Consultative of Guangzhou Province from 2012 to 2017 and a member of the 12th Chinese People’s Political Consultative of Sichuan Province since 2018.
‘Mr Li has entered into a service contract with the Company for a term of three years with effect from 29 December 2020 and is entitled to an annual remuneration of HK$720,000’
Macau Legend operates several hotels and non-gaming entertainment facilities and provides gaming services to gaming operator SJM Holdings at Legend Palace Casino, Babylon Casino and Landmark Casino.
It has also entered into agreements to develop integrated leisure, tourism and entertainment complexes in Cape Verde and Laos, where it operates the Savan Legend Resorts.